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The Tax-Exempt Tip Plan: A Mixed Bag for the U.S. Economy

As the 2024 election looms, one of the most debated policy proposals is the "No Tax on Tips" plan championed by former President Donald Trump and Vice President Kamala Harris. This initiative, which aims to eliminate federal income tax on tip income, is designed to bolster the take-home pay of millions of American workers in the service industry. While the plan promises immediate benefits for tipped workers, its broader economic implications raise questions about long-term impacts on the U.S. economy.

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The Tax-Exempt Tip Plan: A Mixed Bag for the U.S. Economy

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